SK Inc. increased 16% after the chairman’s $1 billion divorce

Chey Tae-won, billionaire and chairman of SK Group, prepares to leave after speaking during the Nikkei Future Asia Forum in Tokyo, Japan, on Thursday, May 23, 2024.

Kiyoshi Ota | Bloomberg | beautiful images

Shares of SK Inc., one of South Korea’s largest conglomerates, rose as much as 16% on Thursday after a court reportedly ordered the company’s chairman to pay $1 billion to his wife in the case. divorce lawsuit.

Chey Tae-won was ordered by a Seoul court to pay 1.38 trillion Korean won to his estranged wife, Roh Soh-yeong.

Local first report claim that Roh is seeking about 2 trillion won as part of the settlement and some of Chey’s shares in SK Inc. The lower final payout perhaps explains the surge in SK Inc. shares, which eventually closed 9% higher in Seoul.

SK Inc. There was no immediate comment when contacted by CNBC.

SK Inc. is one of South Korea’s largest technology corporations and the parent company of SK Hynix, one of the world’s largest memory chip manufacturers, as well as mobile network SK Telecom.

The story began in 2015 after Chey admitted to having a child out of wedlock. He filed for divorce from Roh in 2017.

During the long legal battle, Roh’s lawyer according to the report argued that her late father, former South Korean President Roh Tae-woo, gave money to Chey in the 1990s, which was used to develop SK Inc.’s business. Chey’s legal team says no such funding exists.

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